April 28th, 2010
04:07 PM ET
4 years ago

McConnell signals end to GOP filibuster of Wall Street reform bill

Washington (CNN) – The Senate's top Republican signaled Wednesday that a GOP filibuster of Wall Street reform legislation will end.

Senate Minority Leader Mitch McConnell, R-Kentucky, released a statement saying closed-door negotiations with Democrats on the financial regulations reform bill had ended with agreement on some issues but others left unresolved.

"Now that those bipartisan negotiations have ended, it is my hope that the majority's avowed interest in improving this legislation on the Senate floor is genuine and the partisan gamesmanship is over," McConnell's statement said.

Unanimous opposition by Senate Republicans this week has prevented approval of three successive motions to begin debate on the bill.

McConnell's statement indicated that Republicans now will allow debate to proceed and attempt to amend the legislation on the Senate floor.

Updated: 4:14 p.m.


Filed under: Financial Reform • GOP • Mitch McConnell • Senate • Wall Street
soundoff (68 Responses)
  1. Liz the First

    How nice of him to finally decide to do his job! the 'partisan gamesmanship' he talks about are on his side of the aisle. they don't want to debate this issue in public because it'll just make it clear to everyone whose side the pubublican$ are on, and it's not the side of all the poor people they've brainwashed into supporting them with their votes and dollars. what is it going to take to make some of the folks who post on this ticker understand that they're supporting the folks who are doing everything in their power to destroy them and their families??? Obama isn't your enemy, a socialist, a communist, a muslim, or the devil. he's the one trying to save you from the fascists! wake up!

    April 28, 2010 04:38 pm at 4:38 pm |
  2. lstro

    Was this nogotiation done with fairness?
    Was it done openly so the American people could see it?
    Was it done without deals?
    Was it done with the will of the American people in mind?
    HELL NO IT WASN'T.
    This will be armagaddon.
    There will be death panels.
    Your kids will grow up without feet.
    This will be the end of life as we know it.
    Sound familiar?

    April 28, 2010 04:39 pm at 4:39 pm |
  3. Duck Fallas

    Why does he have to be such a duck?

    April 28, 2010 04:40 pm at 4:40 pm |
  4. Jackie

    Be careful what you wish for...siding with the Government may be the straw the breaks our backs.

    April 28, 2010 04:40 pm at 4:40 pm |
  5. Checkmate ... GrandMaster Obama

    Now Democrats, don't you dare trust those lying Republican politicians.

    The American People want the excesses of Wall Street ended. They add ZERO value. They make nothing therefore they don't deserve to have the profit margins that they extract.

    I"m not saying put them out of business but I am saying that nothing they do warrants the kind of compensation they get.

    April 28, 2010 04:41 pm at 4:41 pm |
  6. Captain Crunch

    Senate Minority Leader Mitch McConnell, R-Kentucky, released a statement saying closed-door negotiations with Democrats on the financial regulations reform bill had ended with agreement on some issues but others left unresolved.

    "Now that those bipartisan negotiations have ended, it is my hope that the majority's avowed interest in improving this legislation on the Senate floor is genuine and the partisan gamesmanship is over," McConnell's statement said.

    I read this a McConnell and his party LOST! They could not withstand another senatorial defeat, so he claims the Republicans' have gotten some improvements, hopes he gets a few more amendments, and then he can claim supporting a bill which limits Wall Street.

    Otherwise, he'd lose another battle to Reid and Obama, something he's been getting used to lately!!

    It would seem being the Party of No is not the key to defeating Obama. Can't say that I've seen anything since Obama became president that even remotely resembles Waterloo>!

    April 28, 2010 04:43 pm at 4:43 pm |
  7. jim s

    ending the fillabuster does not mean yes the republican party will stand in the way of any final legislation there only goal is to bring our country to its knees

    April 28, 2010 04:43 pm at 4:43 pm |
  8. one voice

    He must have received his million dollar envelope for the delay. CROOK

    April 28, 2010 04:45 pm at 4:45 pm |
  9. kyle from ohio

    Liz the First April 28th, 2010 4:38 pm ET

    could not have said it better

    April 28, 2010 04:46 pm at 4:46 pm |
  10. Chessnutz of Liverpool NY

    If congress was serious about making a statement then they would have filed criminal charges not a civil lawsuit. This should send a message loud and clear to the American voter that neither party has any interest in representing the people. Both the Democrats and Republicans only represent big Business and the wealthy elite.

    Vote Congress out, “you are fired” if they are in. Vote them out this fall no matter what party they belong to, and in the next election and every election going forward until they become the servants of the people once more.

    This November tell Congress "You Are Fired!"

    April 28, 2010 04:47 pm at 4:47 pm |
  11. Dutch/Bad Newz, VA

    @ lstro

    That sounds so familiar. You hit the nail right on the head with that one. LOL.

    Obama: YES WE CAN

    Boehner: HELL NO YOU CAN'T

    Obama: YES WE CAN

    Palin: OH NO YOU DON'T

    April 28, 2010 04:47 pm at 4:47 pm |
  12. Steph

    Well said Liz the First.

    April 28, 2010 04:50 pm at 4:50 pm |
  13. Jackie

    And one more question...are they going to bring Fannie Mae and Freddie Mac into the fold? Probably not. Gee, I wonder why!?

    April 28, 2010 04:51 pm at 4:51 pm |
  14. Sniffit

    Poor Beaker...meeping up a storm, but saying very little.

    April 28, 2010 04:51 pm at 4:51 pm |
  15. Kevin B.

    How weak and mindless a statement by Mr McConnell !! It would appear that a two day fillibuster was all the GOP could muster. It amazes me that anyone would ever vote GOP, they are obviously anti anything that benefits the average middle class american family.

    April 28, 2010 04:51 pm at 4:51 pm |
  16. Willy Brown

    Good Job GOP. Keep on Kicking democrat butt!

    April 28, 2010 04:51 pm at 4:51 pm |
  17. Marie MD

    Goodness, mcconnel and the repugs finally agree to do something instead of putting another bump in the road to recovery.
    Too little too late. We have already seen what the party of NO wants for the people and it's neve.
    Four filibusters from the party of hell no!
    •The Climate Change Bill — While the Republican leadership claimed they were objecting to limiting the debate, their claim is dubious since they supposedly wanted the bill to be debated for weeks, knowing that the Democratic leadership needed floor time for other business as well.
    Four of seventy seven filibusters by the pary of hell now! Real nice!
    •The Consumer First Energy Act – would have repealed tax benefits given to the oil industry in 2004 and 2005 and redirected funds to renewable energy. Obviously upsetting Big Oil is not what Republicans want to do.
    •Reversing Medicare Cuts — Payments to doctors for Medicare reimbursements is set t fall over 10% on July 1st. Republicans claim their objections are about how the bill will be paid for.
    •Extending Unemployment Benefits by 13 Weeks – This would be a temporary extension of unemployment benefits with the understanding that getting a new job as the unemployment rate rises is a difficult task.

    April 28, 2010 04:53 pm at 4:53 pm |
  18. pam

    There has been so much pressure on the GOP to accomplish something before the elections they finally had to cave.
    They can't go to the voters with their party of NO policy and ask to be re elected when they have not gotten anything done for almost 2 yesrs.

    April 28, 2010 04:53 pm at 4:53 pm |
  19. Marie MD

    That is four GOP filibusters out of seventy seven in 2009. No, of course it's not about Obama and the Democrats.
    ya' betcha, winky, winky

    April 28, 2010 04:54 pm at 4:54 pm |
  20. haren

    Not because they have agreement but their senator for reelection are scared to death for continuing filibuster.
    Mcconnel is alway lier.

    April 28, 2010 04:56 pm at 4:56 pm |
  21. haren

    Not because they have agreement but their senators for reelection are scared to death for continuing filibuster.
    Mcconnell is alway lier.

    April 28, 2010 04:58 pm at 4:58 pm |
  22. Sniffit

    "...are they going to bring Fannie Mae and Freddie Mac into the fold? Probably not. Gee, I wonder why!?"

    The "it's all Fannie and Freedie's fault" line of talking points is getting old. Nobody but the clearly misinformed (or purposefully lying) still believes that:

    Thousands of misleading mortgages to easily fooled people hopeful at the chance to own a home WITHOUT Wall Street gambling on them, against them AND improperly insuring them after paying ratings companies to underrate the risk to goose the underwriting = thousands of foreclosures, and the banks, for the most part, go on their merry way owning a lot more property than they previously did.

    Thousands of misleading mortgages to easily fooled people hopeful at the chance to own a home WITH Wall Street gambling on them, against them AND improperly insuring them after paying ratings companies to underrate the risk to goose the underwriting = what happened and why we're suffering.

    April 28, 2010 04:59 pm at 4:59 pm |
  23. LacrosseMom(the real one)

    Interesting how few Americans understand what the Wall Street & Bank Disaster (i.e., the Bush Disaster) of 2008, was about or how it came to be!

    Back in the day of FDR, they regulated Wall Street and the Banks. Wall Street caused the collapse of our financial market partly because they were allowed to BET on the Market. Back in the day, they had "bucket shops" were everyone could go bet on whether the Market would go up or down, etc. President Roosevelt, signed into law some very strict regulations that would prevent BETTING. Well, Phil Gramm and his Republicans pals, who controlled the Congress from 1994 through January 2007, decided to DEREGULATE Wall Street. Allowing BETTING on home mortgages, which the banks freely gave to everyone regardless of their ability to pay! So Wall Street started betting on the foreclosures, and viola........ the economic meltdown of 2008!

    American investors lost TRILLIONS, we NEED Congress & President Obama to reign in Wall Street and the Banks ...... OR WE WILL FACE ANOTHER ECONOMIC DISASTER! WAKE UP AMERICA!

    April 28, 2010 05:01 pm at 5:01 pm |
  24. haren

    Please Stop blaming freddie mac and Fannie Mae.
    blame the mortgage broker or bank who checked the credit of home buyers.
    Don't forget we need this both to help Middle class.

    April 28, 2010 05:03 pm at 5:03 pm |
  25. one voice

    Willy Brown is an ignorant clown, PERIOD

    April 28, 2010 05:04 pm at 5:04 pm |
1 2 3